Lia Eustachewich highlights the trend of NYC folks moving to Connecticut in this NY Post article. I get quoted about the NYC woman in the beautiful Park Avenue co-op who just doesn’t feel comfortable in her building; she is particularly afraid in the elevator, as there is just no way for her and family to socially distance.
The New York Post article is very well timed as this week we saw a new 2020 high for transactions with 43 properties going to contract or closing. This increase of 10 transaction week over week means this week is the busiest so far this year.
Last week we also had an increase of 10 transactions from the previous week when we 23 transactions. So from the first week of May to the third week. we had an 87% increase in transactions.
We are also seeing an increase in inventory finally. We are up to 557 listings, which is a nice improvement over 523 listings last week. This 6.5% net increase in inventory over last week is even more remarkable given that we had 43 transactions in the same week decreasing our inventory. Last year at this time we had 732 listing, which was a year with higher inventory and lower sales than average, But, even in 2018 we had 686 single family homes listing. We are down 24% from last year and 19% from 2018. (A hat tip to my brother Russ, who keeps a great site for current and historic Greenwich real estate data at RussellPruner.com.)
We still have a long way to go, but I’m guessing that with the nice weather and the decline in Covid cases that we are in that scene in movie where the dam is just starting to burst (see 0:10) Excepting some even more unforeseen circumstance, June looks to be a busy month.